Will regulations hinder the unbanked from using crypto ? Though unbanked people use mobile wallets , the uptake of cryptocurrency among this general population is limited , in part due to regulatory and security concerns .
But many industry experts point out that , if regulations are too restrictive , they may prevent unbanked individuals from accessing cryptocurrency services , particularly if they lack the necessary documentation or face difficulties meeting the requirements . On the other hand , if regulations are well-designed and balanced , they can help to increase trust in cryptocurrency services , thus making them more accessible and secure for unbanked individuals .
It is important for policymakers to consider the potential impact of regulations on financial inclusion and to strive for a regulatory framework that supports – rather than hinders – the use of cryptocurrency by unbanked individuals .
Cryptocurrency services could potentially be helpful for unbanked populations in several ways , if accessibility is maintained . For example , the use of cryptocurrency bypasses the need for a traditional bank account .
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